According to data from Coin ATM Radar, as of May 28, 2018, there are now 3128 Bitcoin ATMs worldwide. This is a huge sign for the cryptocurrency markets as Bitcoin ATMs are an instrumental element of adoption.
While Bitcoin ATMs are rarely used by day traders and people who invest for a living, they are extremely helpful in introducing the concept of cryptocurrency to beginners and those unsure about it. Bitcoin ATMs are a friendly and simple way of explaining the market to novices. In some countries, using an ATM may even be the simplest way to buy bitcoins or other cryptocurrencies.
Statistics from Coin ATM Radar reveal some other interesting data. Out of the 3128 ATMs, 1584 (or 50%) of them support altcoins – Litecoin being the most popular and Ethereum being second most. Having over half of all ATMs holding altcoins is a necessary element of explaining to the masses the versatility of the markets. It may be hard to imagine as an experienced trader or enthusiast, but there is still a significant population who have only heard of Bitcoin.
The amount of ATMs in existence has been consistently growing for the last three years, but it may be the growth of 2018 so far which is the most impressive. From January 1 to May 28, there have been an additional 1000 ATMs installed. This shows that even during times of a bear market, there is still a high demand for cryptocurrency.
One factor which needs to be mentioned is that 74% of all these ATMs are located in North America, with Europe having only 21%, and Asia having just 1.9%. There is obviously an uneven distribution of Bitcoin ATMs around the world, and hopefully, this changes soon. One of the most recent Bitcoin ATMs to be installed is located in the United Kingdom. Not long ago, Liverpool got its first Bitcoin ATM. It may take a while for Europe or Asia to catch up with the number of ATMs in North America but as adoption grows it is likely the distribution of this technology will too.
Kai is a cryptocurrency copywriter and professional trader. He can often be found investigating various cryptocurrencies, whitepapers, and blockchain technologies. Kai has been a professional writer for 5+ years, and has invested in 50+ different coins and tokens. He also currently studies Law and Philosophy at university.